Loogootee, IN USDA Eligibility

USDA Eligibility Guide

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Loogootee, IN USDA Loan Eligibility Guide

A USDA (United States Department of Agriculture) mortgage, also known as a Loogootee, IN USDA Rural Development Loan, is designed to assist low-to-moderate-income households in purchasing homes in eligible rural and some suburban areas. Here are the general eligibility requirements:
1. Property Eligibility:

    • The home must be located in a USDA-eligible rural or suburban area around Loogootee, IN. The USDA provides an online tool to help potential borrowers determine if a specific property is in an eligible area.
    • The property must be used as the borrower’s primary residence.
    • The home must meet all local codes and program regulations.

2. Applicant/Household Eligibility:

    • U.S. citizenship or permanent residency is required.
    • The borrower must be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet.
    • The applicant must have a stable and dependable income, typically verified by two years of consistent employment. The income must also be sufficient to cover the mortgage payment, including taxes and insurance.
    • The household’s adjusted income must be at or below the applicable low-to-moderate income limit for the area.
    • A reasonable credit history. While a specific credit score is not mandated, a credit score of 640 or higher is typically required for streamlined processing. However, those with lower scores may still be eligible but may undergo a more stringent evaluation.

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    3. Income Limits:

    • Income limits vary by county and household size. You’ll need to check with our Loogootee, IN USDA service center or the USDA’s online tools to see specific limits.

    4. Loan and Debt Ratios:

    • Typically, a 29/41 ratio is followed. This means that 29% or less of your monthly income can go towards your mortgage (Principal, Interest, Taxes, and Insurance) and 41% or less of your monthly income can go towards your total debt (this includes the mortgage and other debt obligations). Exceptions can be made in certain circumstances.

    5. Other Requirements:

    • Borrowers must personally occupy the dwelling as their primary residence.
    • The borrower must be legally able to take on the loan obligation.
    • First-time homebuyers are required to take a homeowner counseling class in some situations.

    6. Loan Terms:

    • The loan term is typically 30 years.
    • No down payment is usually required.
    • The interest rate can be set by the lender but is subject to USDA review.

    7. Guarantee Fee and Annual Fee:

      • The USDA charges an upfront guarantee fee, which can be rolled into the loan amount.
      • There’s also an annual fee, which is a percentage of the remaining principal amount, typically spread out in monthly installments.

    It’s crucial to remember that while these are the general requirements for Loogootee USDA mortgages, eligibility details can change. It’s always a good idea to consult with one of our Loogootee, IN USDA home loan professionals. Get pre-approved with our easy and stress free Loogootee, IN USDA home mortgage today.

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    Mortgage Resource Center

    More About Loogootee, Indiana

    Loogootee (/ləˈɡoʊtiː/) is a city in Perry Township, Martin County, in the U.S. state of Indiana. The population was 2,601 at the time of the 2020 census.

    Loogootee was established in 1853, when it was certain that a new railroad line would be extended to that point. The post office at Loogootee has been in operation since 1857.

    Several etymologies of the place name have been proposed. One would make it an Anglicization of the French name Le Gaultier. However, the most likely explanation is that Loogootee is a compound word honoring both Thomas Lowe, engineer of the first train through the town; and Thomas Nesbe Gootee (1797–1870), owner of the land where the town was built.

    Loogootee is located on the western side of Martin County and the western border of the city is the Daviess County line.

    Several U.S. highways pass through the center of Loogootee. U.S. Routes 50 and 150 follow Broadway through the city, while U.S. Route 231 enters from the north on John F. Kennedy Avenue, joins Routes 50 and 150 on Broadway south of the city center, then turns south on its own alignment. US 50 and 150 lead east 7 miles (11 km) to Shoals, the Martin county seat, and west 15 miles (24 km) to Washington, while US 231 leads north 24 miles (39 km) to Bloomfield and south 21 miles (34 km) to Jasper. Indiana State Road 550 leads southeast from Loogootee 10 miles (16 km) to Lacy.